FxWirePro- Silver Daily Outlook

Silver-

Ichimoku analysis (4-hour chart)

Tenken-Sen- $27.08

Kijun-Sen- $27.23

The Silver lost its shine on the strong US dollar. It hit a low of $26.64 at the time of writing and is currently trading around $26.65.

The Caixin/S&P global manufacturing PMI rose to 51.40 in Apr fastest pace in 14 months, above the estimate of 51. The nonmanufacturing PMI dropped to 51.20 in Apr from 53 in Mar.

Gold-silver ratio-

Gold/Silver ratio- 86.88. The ratio recovered from 81.60 to 86.91, well above the historical average of 52. So silver will outperform gold. It is good to buy silver at lower levels compared to gold.

Major trend reversal level -$30

It trades below 21, 55- EMA, and above 200 EMA in the 4-hour chart. The near-term support is around $26.39 and a break below the target of $25.54/$25. On the higher side, immediate resistance is around $27.75, and any breach above targets is $28/$29.45/$30.

It is good to sell on rallies around $ 27.18-20 with SL around $27.75 for TP of $25.